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We analyze the effects of transmitter and receiver phased-locked loop (PLL) phase noise, which translates to time-domain clock/data jitter, on the performance of high-speed transceivers. Analytical expressions are derived to incorporate both transmitter and receiver clock jitter into serial link operation. A method to calculate the worst-case noise margin degradation due to clock jitter is discussed in order to obviate impractical time-domain simulations. This analysis relies on the assumption that the channel is linear and time-invariant and, hence, can be characterized by an impulse response. A simple extension to equalized serial links is also presented. The analysis is verified through behavioral simulations using a realistic/measured channel model.